XETRABy definition, a reference market is the tradingplace that pools the mostliquidity in a specificinstrument or index.

In the wake of MiFID II
and the ongoing market
fragmentation, reference
markets have gained
even more importance
as protectors of market
quality. Take Xetra for
example, a fully regulated
exchange offering the
highest degree of pre-trade and post-trade
transparency – and the
undisputed reference
market for all German
blue-chips. Being the most
liquid market for DAX index
constituents, the order
book depth on Xetra is
more than three times the
order book depth the most
successful competitor